I see everybody commenting on the financing front. Pl take the financing out of the picture, as the financing portion is from a dealer's assumption, i may put down as much as 25k, and i am not comfortble with leasing, as it has got its own disadvantages, one of them mainly the limited mileage option and others. So, i have to decided to purchase, only question is the price+options...
How much low can i negotiate considering it is 2011 model.

I feel sorry for the OP as most of the respondents weren't even care to read his questions before answering.

Here's what I thought -

I think you can do better than that.

Here's what I know. BMW is offering cerdit for automatic transmission (YES, they are offering credit on the 2011 models because I just ordered mine 3 weeks ago!), therefore, you should try to get at least another $1,305 deducted from your quoted price.

Dealer's invoice price should be around $56,580. A fair deal would be $56,580 + $1000 = $57,580 minus AT transmission credit ($1305)= $56275.

At this point, I can say you are over-paying for this car by a wide margin (at least $1500 - $2000).

Thanks NewBimmerDriver. This was very useful. But, there is a spring drive credit going on for 2010 models? Are you sure they are offering one for 2011.
And, 2011 3series sedan is not getting a refresh right, so they may be offering (if at all) credit for sedans and not for coupes/convertibles which are getting refreshed.